Financing constraints and US cross-listing

被引：3

作者：

Charest, Guy ^{[1
]}

Cosset, Jean-Claude

Marhfor, Ahmed ^{[2
]}

M'Zali, Bouchra ^{[1
]}

机构：

[1] Univ Quebec Montreal, Montreal, PQ, Canada

[2] UQAT, Rouyn Noranda, PQ J9X 5E4, Canada

来源：

CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION | 2014年 / 31卷 / 03期

关键词：

US cross-listing; bonding hypothesis; investment spending; financing constraints; CASH FLOW; CORPORATE GOVERNANCE; MARKET-SEGMENTATION; UNITED-STATES; INVESTMENT; EQUITY; FIRMS; INFORMATION; COST; SENSITIVITY;

D O I：

10.1002/CJAS.1287

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates whether relaxation of firms' financial constraints is an important outcome of the US cross-listing mechanism. We use the association between investment spending and cash flow to test for the presence and importance of firms' financing constraints. Consistent with the bonding hypothesis, the results suggest that US exchange and private placement cross-listings significantly alleviate firms' financing constraints. In addition, the financial benefits associated with exchange listings are larger than those associated with private listings, while on the other hand, over-the-counter programs do not improve capital allocation. The study also shows that US exchange cross-listing benefits have not been eroded by the enactment of the Sarbanes-Oxley (SOX) Act in 2002. Copyright (c) 2014 ASAC. Published by John Wiley & Sons, Ltd.

引用

页码：160 / 174

页数：15

共 43 条

[1]

[Anonymous], CHICAGO J INT LAW

[2]

[Anonymous], WORKING PAPER

[3]

[Anonymous], WORKING PAPER

[4]

[Anonymous], EVIDENCE FINANCIAL G